A lifetime cap is the maximum interest rate a lender can charge on an adjustable-rate mortgage (ARM) over the life of the loan, protecting borrowers from volatile benchmarks. ARMs offer variable interest rates linked to a benchmark, while fixed-rate mortgages offer a single interest rate for the life of the loan. A lifetime cap is […]
A lifetime warranty can vary depending on the manufacturer’s definition, and the terms “lifetime” and “guarantee” need clarification. It’s up to the consumer to understand the warranty’s limitations, especially if paying for it. Misinterpretation can lead to disappointment. Lifetime warranty is a confusing term that only means as the manufacturer defines it. In other words, […]
